RingCentral (NYSE:RNG) Releases FY 2024 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.620-3.670 for the period, compared to the consensus estimate of 3.630. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. RingCentral also updated its Q3 guidance to $0.92 to $0.93 EPS.

RingCentral Trading Up 5.4 %

Shares of NYSE:RNG traded up $1.81 during trading on Friday, hitting $35.26. The stock had a trading volume of 3,145,964 shares, compared to its average volume of 1,131,608. The stock has a 50-day simple moving average of $31.30 and a two-hundred day simple moving average of $32.66. RingCentral has a 12-month low of $25.08 and a 12-month high of $39.86.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.05. The company had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. Equities analysts predict that RingCentral will post 0.54 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RNG shares. StockNews.com downgraded RingCentral from a strong-buy rating to a buy rating in a research report on Thursday, July 25th. Wedbush reaffirmed a neutral rating and set a $40.00 price target on shares of RingCentral in a research report on Thursday, May 9th. Robert W. Baird upped their price target on shares of RingCentral from $32.00 to $35.00 and gave the company a neutral rating in a report on Thursday, May 9th. Needham & Company LLC restated a buy rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, May 20th. Finally, Rosenblatt Securities raised shares of RingCentral from a neutral rating to a buy rating and boosted their price objective for the company from $35.00 to $45.00 in a research report on Friday. Nine research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral has a consensus rating of Moderate Buy and an average target price of $40.28.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares in the company, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the sale, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,869 shares of company stock worth $762,165. 6.76% of the stock is currently owned by company insiders.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.